GBPUSD Elliott Wave Zig Zag Pattern Forecasting The Path

GBPUSD H1 Elliott Wave Analysis 07.26.2022

GBPSD is showing higher high sequences from the 07/14 low. We got 5 waves up in the first leg ((a)). Then the price has given us corrective pattern (7 swings) in ((b)) black, after which we got rally toward new highs again. Current price structure suggests we are in (©) leg up as far as 1.1891 pivot holds. Recovery looks incomplete at the moment, calling for further strength toward 1.2170–1.2344 . As the first leg of correction has 5 waves structure, we assume recovery is having form of Elliott Wave Zig Zag. Consequently we expect to see 5 waves up in the (©) leg as well. At the moment we are doing (ii) of (©) which should be ending soon around trend line.

GBPUSD H1 Elliott Wave Analysis 07.29.2022

1.189 pivot held well during the short term correction and Wave (ii) found support around the trend line as we expected. We got rally in the pair and target area is already reached at 1.2170–1.2344. However there is no any sign yet suggesting cycle is over. If we take a close look at the rally from the 1.1891 low, we can count 3 waves up so far. So, another leg up would be ideal to have 5 waves in (©) leg. We believe (iv) blue is done at 1.2056 and we are doing (v) blue toward 1.2289–1.236.



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